Many younger Americans are very concerned that, although they are required to pay into Social Security, there will be no money there when they reach retirement age. And a recent annual trustees’ report seems to confirm that, as Social Security’s retirement trust fund could become depleted in 2032 at which point it would be able to pay only 78 percent of retirement benefits.
Nearly 71 million Americans were receiving Social Security benefits as of January 2026, while 7.5 million were receiving Supplemental Security Income, according to the Social Security Administration’s website.
A bipartisan group of senators has introduced the Protecting Retirement Opportunities and Maintaining Income Security for Everyone Act, or the PROMISE Act.
From a July 15, 2026 Epoch Times article: Under the PROMISE Act, the Social Security Advisory Board, an independent advisory committee that advises Congress, will need to submit a base bill aimed at keeping the Social Security trust funds funded for at least the next 50 years.
Background from the Social Security Administration’s website:
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